Magazine article American Banker

Pokemon Go Is Payments' Future in All Its Glory

Magazine article American Banker

Pokemon Go Is Payments' Future in All Its Glory

Article excerpt

Byline: Silvio Tavares

Pokemon Go has taken the US by storm, to put it mildly. For an app that was released very recently, it already has more users than Twitter.

Currently the app uses mobile payments solely for buying stuff for your Pokemon, but the app already brings in $1.6 million a day in revenue from just the Apple App Store. Pokemon Go's immense popularity provides a glimpse into the future of payments.

The weird thing about Pokemon Go's popularity is that its individual components are not really new. Pokemon has been around for more than 20 years, smartphones have been around for more than a decade, and GPS has existed for much longer than that. Yet it incorporates and packages these technologies into a product that feels fresh and unique. The 'ninja' move of taking the 'old' and recombining it into something new and powerful is what will drive the financial technology industry forward.

The game incorporates many technologies currently used by the payments industry, falling into a category of what I call the Internet of Commerce Things (IoCT); innovations that help you buy what you want seamlessly.

Geolocation. The first aspect of Pokemon Go and IoCT is geolocation. To play the game, you must walk outside and look for Pokemons and in order to advance players look for locations to stock up on Pokeballs and treats for their cute fighting monsters.

From apps to beacons, existing location-based technologies abound that look to help consumers find what they like. …

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